DEWA completes $2.70 billion refinancing for Noor Energy 1
Dubai, UAE -- Dubai Electricity and Water Authority (DEWA) has completed a $2.70 billion refinancing of Noor Energy 1, the...
UAE sets 5.06 percent profit rate for retail T-Sukuk
The UAE Ministry of Finance set a 5.06% annual profit rate for its second five-year Sovereign Retail T-Sukuk issuance. Subscriptions...
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Why metal prices are soaring to record highs
London, United Kingdom -- Precious and industrial metals are surging to record highs as the year ends, driven by economic...
- Gold has climbed more than 70 percent this year and passed $4,500 an ounce for the first time on Wednesday.
- A weak dollar is also boosting industrial metals, since commodities priced in dollars become cheaper for buyers when the currency falls.
Business
Kuwait signs $4.1 billion deal with China to build port
Kuwait City, Kuwait -- Kuwait has signed a deal worth $4.1 billion with China to complete the construction of a...
- Prime Minister Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah project would "enhance Kuwait's share in the regional and international trade and global supply chain".
- Chinese acting charge d'affaires Liu Xiang said the deal "constitutes participation in the 'belt and road' initiative".
Business
Tech stocks lead Wall Street higher, gold hits fresh record
Tech firms also led the rally in Asia, with South Korea's Samsung Electronics, Taiwan's TSMC and Japan's Renesas among the...
- Gold, which benefits from expectations of lower US interest rates, hit a fresh record of $4,442.19, while silver also struck a new peak.
- The precious metals, which are go-to assets in times of crisis, also benefited from geopolitical worries as Washington steps up its oil blockade against Venezuela.
Business
Billionaire Ellison offers personal guarantee for son’s Warner Bros bid
Washington, United States -- Oracle tech tycoon Larry Ellison is offering a $40.4 billion personal guarantee to back Paramount's hostile...
- Netflix shocked the industry December 5 by announcing it had sealed an agreement to buy the film and television studio and HBO Max streaming business for nearly $83bn.
- Three days later, Paramount launched an all-cash tender offer valuing the entertainment giant at $108.4 billion.
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Warner Bros rejects Paramount bid, sticks with Netflix, says terms of Netflix merger were better
Warner Bros. Discovery on Wednesday rejected a hostile takeover bid by Paramount launched last week to trump plans by streaming...
- Paramount -- whose CEO is David Ellison -- launched an all-cash tender offer valuing the entertainment giant at $108.4 billion
- Warner Bros described the Paramount offer as risky, saying it was backed up by "an unknown and opaque revocable trust"
Business
Famed Jerusalem stone still sells despite West Bank economic woes
Sair, Palestinian Territories - Despite the catastrophic state of the Palestinian economy, Faraj al-Atrash, operator of a quarry in the...
- The war in Gaza, triggered by Hamas's October 2023 attack on Israel, dealt a severe blow to a Palestinian economy that was already in poor shape
- Israel, which has occupied the West Bank since 1967, has recently set up hundreds of new checkpoints across the territory, paralysing commercial transport
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Netflix boss promises Warner Bros films would still be seen in cinemas
Netflix will continue to distribute Warner Bros. films in cinemas if its takeover bid for the storied studio is successful,...
- "We're going to continue to operate Warner Bros. studios independently and release the movies traditionally in cinema," chief executive Ted Sarandos said
- In early December, Netflix announced that it had reached an agreement with Warner Bros. Discovery (WBD) to acquire most of the group for $83 billion
Business
Trump demands CNN get new owners in Warner bidding war
US President Donald Trump said Wednesday that he wants to ensure CNN gets new ownership as part of the Warner...
- Warner Bros Discovery has become the center of a bidding war between Paramount — led by CEO David Ellison, son of Trump ally Larry Ellison — and streaming giant Netflix
- "I think any deal should — it should be guaranteed and certain that CNN is part of it or sold separately," Trump told business leaders Wednesday at the White House
Business
Trump says US will allow sale of Nvidia AI chips to China
Washington, United States - President Donald Trump said Monday he had reached an agreement with President Xi Jinping to allow...
- "President Xi responded positively! $25% will be paid to the United States of America," Trump wrote, without providing details on how the payment mechanism would work
- "We applaud President Trump's decision to allow America's chip industry to compete to support high paying jobs and manufacturing in America," an Nvidia spokesperson told AFP
Business
Netflix’s $83 billion takeover of Warner Bros reshapes Hollywood as regulators prepare intense antitrust scrutiny
Streaming giant Netflix said Friday it will buy film and television studio Warner Bros. Discovery for nearly $83 billion, the...
- The acquisition, which will face regulatory scrutiny by the Trump administration and is opposed by top names in Hollywood, gives Netflix access to a vast film catalog
- It does not include cable channels such as CNN, TNT, TBS and Discovery, which are being spun off by Warner Bros. Discovery before the deal is due to close.
DEWA completes $2.70 billion refinancing for Noor Energy 1
Dubai, UAE -- Dubai Electricity and Water Authority (DEWA) has completed a $2.70 billion refinancing of Noor Energy 1, the...
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UAB H1 profit climbs
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Sanad posts record revenue
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Aldar records $408 million sales from Yas Point residential launch
Dubai, UAE -- Aldar said it generated AED1.5 billion ($408 million) in sales from the launch of The Canopies, the...
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DFM reports higher H1 trading activity as profit reaches $121 million
Dubai, UAE -- Dubai Financial Market (DFM) reported a net profit before tax of AED443.2 million ($121 million) for the...
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e& posts 11.6% revenue growth
The H1 net profit hits $1.63 billion.
- Earnings before interest, tax, depreciation and amortisation (EBITDA) reached AED17.7 billion, up 13.1 percent year-on-year.
- The Group also completed the sale of 12.5 percent of its 50.03 percent stake in Careem Technologies to Uber for a total consideration of AED367 million.
Business
TECOM profit up 9%
Revenue, occupancy drive earnings higher
- Occupancy reached 97 percent as demand for Grade-A offices, industrial assets and land leases supported higher rental income.
- Board approved AED440 million interim dividend while funds from operations climbed 12 percent on diversified revenue streams.
Business
DAE H1 profit $229m
Growth triggered by higher earnings, stron cash flow
- Aircraft lessor expanded fleet investments through new co-investment platforms targeting approximately $15 billion in aircraft assets over five years.
- Revenue increased alongside strong operating cash flow as DAE completed acquisitions, aircraft sales and more than 100 lease agreements.